Markets rallied sharply during the week of as optimism grew around a temporary ceasefire between the U.S. and Iran, easing fears of near-term energy supply disruptions. The announcement drove a relief rally across risk assets, with the S&P 500 posting its strongest weekly gain in several months. Oil prices pulled back meaningfully from recent highs, helping alleviate inflation concerns that had weighed heavily on sentiment in prior weeks. Despite the improved tone, volatility remained elevated as investors questioned the durability of the ceasefire and monitored progress toward formal negotiations. Treasury yields finished the week little changed, as investors balanced elevated inflation data with slower economic growth and relatively stable expectations for Federal Reserve policy. Inflation data remained a focal point, highlighted by a sharp increase in the headline Consumer Price Index (CPI) driven by elevated energy costs, while core inflation was more subdued. Overall, markets appeared to balance near-term geopolitical uncertainty against still-resilient economic fundamentals and improving earnings expectations.